American Skiing to Sell Steamboat Resort

American Skiing Co., the largest operator of ski resorts in the U.S., said it’s selling the Steamboat ski resort in Colorado and has fired 70 employees to reduce debt and focus on renovating other resorts. The Newry, Maine-based company also said it expects earnings to be less than expected for its fiscal third quarter, which ended April 30.

American Skiing plans to convert 160 full-time jobs to seasonal positions, as it moves to save $5 million annually, executives told analysts in a conference call.

The company has suffered as warm, dry weather kept skiers away from its resorts in 1998 and 1999 while it added debt to fund an expansion. The latest news comes two months after the planned acquisition of a hotel management company to shore up its earnings fell through.

American Skiing shares fell 9 cents to close at $1.17 on the NYSE. They have fallen 93% from an initial public offering of $18 in 1997.